At the beginning of each accounting period, you have to determine the beginning inventory. This serves several purposes, including inventory control, determining discrepancies with expected inventory, and providing a dollar amount for the company’s inventory. It is an essential function of accounting for industries that are required to keep an inventory, even if that inventory is only used internally. The beginning inventory is calculated based on an established formula:
In business, an inventory control system is a system that integrates all aspects of administering a company’s inventories including shipping, purchasing, receiving, warehouse storage, turnover, tracking, and re-ordering. These systems often differ based on the type of business being run. From stretch film packaging to warehouses to manufacturing, and even small businesses, inventory control systems are unique tools that help you measure and balance your operations.
An effective inventory control, or otherwise known as stock control, is an integral part of any packaging or manufacturing operation. The prime purpose of an inventory control system is to track huge quantities of merchandise being stored in the warehouse.
In stretch film packaging, unitizing products facilitates inventory control given that large unitized loads, as opposed to small loads can be categorized, counted, and managed with ease. Stretch films are designed to counter specific packaging requirements that more general-purpose packaging solutions cannot provide including warehouse color-coding and dating inventory.